In a significant milestone, Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) achieved remarkable financial results for the year ended December 31, 2023. The company, a licensed producer focused on cultivating and selling organic certified, premium cannabis, reported the following highlights:
1. Net Revenue Surge
- Net revenue soared to $40.1 million, marking a 13% increase from the previous year.
2. Profitability and Market Share
- Adjusted EBITDA reached $4.4 million, demonstrating consistent profitability.
- Rubicon Organics secured a 6.9% national market share in premium flower and pre-rolls, solidifying its position in the cannabis industry.
- The company’s Wildflower™ brand emerged as the number one topical brand in Canada, boasting a 21.8% market share.
- Additionally, Rubicon claimed 15.2% of the national market for premium concentrates and 14.0% for premium edibles.
3. Brand Recognition and Awards
- Simply Bare™ Organic and 1964 Supply Co™ were recognized as two of the top three brands recommended by Canadian budtenders.
- Rubicon Organics received prestigious accolades, including “Cannabis Company of the Year” and “People’s Choice for Best Weed” awards.
4. Exciting Initiatives Ahead
Looking forward to 2024, Rubicon plans to unveil several exciting initiatives. Among them is the highly anticipated launch of full spectrum extract (FSE) cured resin vapes under the 1964 Supply Co™ brand, representing the next significant growth opportunity.
